SeraCare $2 million drug discovery business sale approved

By Caroline Salls

Pittsburgh, Feb. 26 - SeraCare Life Sciences, Inc. obtained court approval of the $2 million sale of the assets of a business it acquired from Genomics Collaborative, Inc. to BioServe Biotechnologies, Ltd., according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of California.

The business involves the sale of human clinical specimens and their accompanying medical information for use in drug discovery.

According to the motion, the business was seeing losses of about $2 million per year and depleting the assets of SeraCare's estate.

In addition to the $2 million cash purchase price, BioServe will pay SeraCare a royalty of 7.5% on all net sales related to the business for the initial 12-month period beginning on the date of closing and for each of the next 16 three-month periods thereafter.

SeraCare, an Oceanside, Calif., manufacturer and provider of biological products and services to diagnostic, therapeutic, drug discovery and research organizations, filed for bankruptcy on March 22, 2006. Its Chapter 11 case number is 06-00510.

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